How tech innovations have powered the growth of Indian start-ups

Once known for providing talent that powered economies like the US and UK, India has, over the past few years, emerged as a vibrant hub of entrepreneurial activity. Today, the country has over 4200 tech-based digital start-ups, underlining its position as the third largeststart-up industry in the world. If the growth remains on similar course, India will be ranked second in the global start-up ecosystem by the year 2017.The implications are clear – today we are a nation topping the charts in consumption of technology-based products & services having easily overtaken being just ‘skilled workforce’ flocking overseas.

All this has been enabled by the coming together of favorable elements at the right time. The Indian start-up ecosystem is at present operating at hyper growth, which has been driven chiefly by access to capital, attraction of the best of talent, a favourable policy environment and finally great adoption by the domestic audience.

A heavy mix of the above mentioned factors has played a key role in spurring the growth of the Indian start-up landscape. With heavy investments coming in, the start-up ecosystem attracts the best of talent, including international personnel who have sector and category expertise, now focusing on solving Indian problems and issues. A good blend of the investments & talent, together churn out the best in class brands that are making a major impact in our local markets. Reliable products & services, heavily dependent on technology, ensuring quality and convenience are now being built by Indian brands. The adoption rate of these products is huge among the users which is a key factor in keeping the start-up ecosystem abreast.

This blend of the key factors backed by the strong pillar of tech-based innovations plays an integral role in driving the start-up culture in India. Focusing on technology as a major differentiator, a lot of the country’s start-ups either unearthed entirely novel markets to operate in, or capitalized on service delivery gaps in existing markets.The Indian taxi cab aggregation industry serves as a prime example of this approach. By leveraging cutting-edge technology-based solutions to identify and fulfill consumer requirements, taxi aggregation start-ups have brought cabs from being an expensive proposition to a readily accessible and affordable service that is ingrained into the everyday consumer behaviour. Introduction of other tech-enabled features such as cab sharing, priority booking of cabs and remote ride tracking for safety has ensured that consumer requirements and aspirations are fulfilled. Similarly, the med-tech start-ups in the country today are giving users access to quality medical care at their fingertips. From booking medical appointments to having access to reputed practitioners, these start-ups are capitalizing on the sector’s growth. One of the most vital drivers among such growth has been the rise of the digital payments industry, which sought to make the process of making digital payments swift, seamless and hassle-free for the consumers. Imagine the convenience of booking a doctor’s appointment from your home, or travelling in a taxi without having to worry about having enough cash on hand or making an emergency trip to the ATM!

Technology today is pushing the envelope, from moving retail business to an online medium, its now rapidly migrating commerce to a mobile-first environment. Tech innovations have redefined models for businesses such as food-tech start-ups which commenced as restaurant-delivery services, and have slowly mushroomed into centralized kitchens & third-party food caterers; now causing a complete disruption in the Indian consumer’s dining behaviour. Another tech-innovation in the form of mobile wallets, have seen massive consumer adoption owing to their convenient usage and multifunctional nature. Evolving from a purely utilitarian aspect, mobile wallets have become so ingrained into the everyday consumer behaviour that the mobile wallet users in the country today outnumber the debit/credit card holders. With further innovations such as social transactions, cross-channel usage and social gifting steadily being integrated into mobile wallets, the mobile wallet industry is emerging as the bedrock of the future digital purchase process.

All things considered, the role of tech innovations in driving the growth of Indian start-ups is pretty straightforward. What has also ultimately driven the rapid growth of the Indian start-up industry is the ability of start-ups to look at their products from the outside in. That, coupled with constant innovations and end-user centric approach, shows that the Indian start-up landscape is only emerging on its hyper growth trajectory.

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